EURUSD Trades to Range Support

FX:EURUSD   Euro / US-Dollar
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Talking Points
• Today’s EURUSD             trading range measures 55 pips
• R3 range resistance is found at 1.1229
Bearish breakouts begin under 1.1106

The EURUSD             has begun Tuesdays trading inside of a defined 55 pip pivot range. As of the US Open, the pair has moved to range support, found at the S3 Camarilla pivot at a price of 1.1174. In the event that the pair remains range bound, a bounce from support opens prices to test values of resistance. Today’s range resistance is found at the R3 pivot point displayed below, at a price of 1.1229. If prices remain between these values, traders may look to continue initiating range based positions.

It should be noted that Euro-Zone Consumer Confidence numbers are set to be released at 14:00 GMT             . Euro             Consumer Confidence is listed as a medium importance event on the economic calendar, with an excepted release of -7.0. Any deviation from this expectation may prove a catalyst for a EURUSD             breakout. Bearish breakouts will begin under the S4 Camarilla pivot found at a price of 1.1106. A move to this point would suggest further bearish momentum on the creation of a fresh weekly low. Alternatively a breakout above resistance, at the R4 pivot above 1.1270, In the event of a breakout, any range bound trading should be at least temporarily concluded. Traders may then adjust their positioning based off of the present market conditions.
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